TOP 10 NEW HIDDEN COSTS When Buying a House | Hidden Fees When Purchasing a Home - Video

There are many hidden costs when buying a house. So what are the top hidden fees when purchasing a home? If you are buying or investing in real estate, these are the hidden costs associated with buying property, that you need to be educated about before making an offer. When you are buying a home there is more than just the purchase price and mortgage payment. So, what are all the costs when I buy a home? This video goes in-depth about the major costs associated with contracting to purchase and close the deal. These are the first costs of homeownership.

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HOA Transfer Fees - Watch out! New construction is notorious for this! They can call this a couple of different things: a capital contribution fee, conservancy fee, estoppel fee, a transfer fee. Before you buy a house, make sure you clarify exactly how much these fees are. - If you’re in a homeowners association this is paid once at closing. It can range anywhere from $500 up to a full 1 percent of the sales price of the property.

Home inspection. - Did you know you need to pay the home inspector up front, usually before he performs his work, this comes out of your pocket. The home inspection prices vary widely, based on the size of the home, also…which home inspector you choose, and the detail of the report. This can run anywhere from $350 up to $900 for some of the really big homes.

Earnest Money Deposit- This is not a fee, but is an upfront cost. It’s your skin in the game saying… yeah I am ready, able, and willing to buy this house, and go through with this sale. Usually, it’s around 1% to 3% of the purchase price. This money will eventually go toward your closing.

Appraisal fees -  A home appraisal is an estimate of a home's market value by a 3rd party. If you are financing the house, the bank will want to verify the true value of the amount they are loaning money on. This could be between $600-800.

City or town property tax - This will vary according to which state, county, and city you live in. This is prorated by the month.

Personal Property Tax - If this is a rental property, like an air b&b, or vacation rental, and you have furniture in it, you could have an additional tax that is applied, to the furniture or contents, that you own, and that produces your income.

Loan Origination Fees - Banks love to charge you fees…lots of fees. This can range between $600-$1500. So when you start talking with a lender, ask up front… what they charge for loan origination, before you submit an application.

Title Insurance - Because someone may have a lien, on the property, prior to you buying it, and could possibly… legally take it. Owners' title usually starts at around $1000.

Homeowners Insurance - paid at closing, for a 12-month period. The national average is around $1500 a year.

HOA Docs - If you are in a Home Owners Association, this fee can range from $200-$300.

Title Services - These are what I call nickel and dime fees:
Escrow fees
Title fees
Title Abstract review fee
Proceeds dispersant fee
Attorney opinion letter
Archival fee
Recording fee at the courthouse
Currier fee 
E-filing fee
Title Company fee 
or Attorney fee 
All these could add up to $1000.

Disclaimer: All information given in my videos is meant to be educational. This video is not intended to replace your research, nor to provide legal, investment or financial advice. For legal advice consult a lawyer.